China Issues New Foreign Investment Catalogue:
|
|
- Arabella Ellis
- 6 years ago
- Views:
Transcription
1 March 2015 China Issues New Foreign Investment Catalogue: Another Step Towards the Opening Up of the China Market By Wenfeng Li (Counsel, Beijing) and Suat Eng Seah (Partner, Shanghai) On March 13, 2015, China s National Development and Reform Commission ( NDRC ) and the Ministry of Commerce ( MOFCOM ) formally issued an amended version of the Catalogue of Industries for Guiding Foreign Investment, which will become effective on April 10, 2015 (the New Catalogue ). 1. Background The Catalogue of Industries for Guiding Foreign Investment (the Catalogue ) is a key legal document in which the Chinese government classifies foreign investment by industry sector as encouraged, restricted, or prohibited (foreign investment in a particular industry is deemed to be permitted if it is not included in the Catalogue), and sets forth applicable foreign ownership percentage restrictions and form of investment (such as equity joint venture or cooperative joint venture) for foreign investment in certain industry sectors. The Catalogue was initially issued in 1995 and has been amended from time to time. The currently effective Catalogue is the amended version of the Catalogue that came into effect in January 2012 (the Current Catalogue ) Major Changes in the New Catalogue The New Catalogue will bring significant changes to the Current Catalogue once it becomes effective on April 10, More specifically, (i) Encouraged category Asia Alert is published by the Asia offices of Weil, Gotshal & Manges LLP, one of the preeminent global law firms with approximately 1,100 lawyers in 20 offices located in the US, Europe and Asia including Beijing, Hong Kong and Shanghai. While the number of industry sectors in the encouraged category will remain largely unchanged compared with the Current Catalogue, restrictions on foreign ownership percentage and form of investment (e.g., Sino-foreign joint venture) will be removed for certain industry sectors such as planting and cultivation of traditional Chinese medicine herbs, design and manufacturing of embedded automotive electronic integration systems, civil aviation airborne equipment and yachts, accounting and auditing services. In addition, certain emerging industry sectors such as development and application of IOT (internet of things) technologies, development and manufacturing of fire and rescue equipment for large public buildings, high-rise buildings and other large facilities, and establishment and operation of senior citizen homes will be added to the encouraged category. Weil, Gotshal & Manges LLP
2 (ii) Restricted category Industry sectors in the restricted category will be reduced from 79 to 38, most of which are in the agriculture, mining, chemical, pharmaceutical and real estate industries. A notable change with respect to the services industries is the removal of e-commerce, direct sales, mail orders, online sales and rail cargo transportation from the restricted category. With respect to newly added industry sectors, foreign investment in higher education institutions will be moved from the encouraged category in the Current Catalogue to the restricted category in the New Catalogue and foreign investment in pre-school education institutions will also be added to the restricted category. In addition, the New Catalogue will require foreign-invested education institutions to be led by the Chinese parties, which means that the head of the education institution must be a Chinese citizen and at least 1/2 of the members of the governing body of the education institution must be appointed by the Chinese parties. Besides, foreign investment in medical institutions will be added to the restricted category once the New Catalogue comes into effect. (iii) Prohibited category The industry sectors in the prohibited category will remain largely unchanged compared with the Current Catalogue. (iv) Regulatory transparency The New Catalogue states at the end that the application of the New Catalogue is subject to the bilateral arrangements between the mainland China and Hong Kong / Macao / Taiwan, and the free trade zone agreements and investment treaties between China and other countries. The New Catalogue also states that the industry sectors in the restricted and prohibited categories also include those provided for by national laws and regulations (emphasis added) and international treaties to which China is a party. In this regard, a notable change to the Current Catalogue is the deletion of the statement in the Current Catalogue that its application is also subject to the special regulations or industry policies of the State Council. According to MOFCOM, these language changes to the Current Catalogue are intended to improve regulatory transparency so that foreign ownership percentage restrictions are all set forth in the Catalogue, which probably explains why the New Catalogue restates the foreign ownership restrictions in the automotive industry and certain financial services sectors that are provided for by the Automotive Industry Development Policy issued by the NDRC in May 2004 and various other laws and regulations applicable to the financial services sector respectively. 3. Preliminary Observations and Comments The New Catalogue represents another step that China has taken to promote the opening up of its market while the Chinese economy continues to be an integral and important part of the world economy. As one of the key legal documents for the Chinese foreign investment regulatory regime, the New Catalogue is expected to have significant implications for foreign investment in China once it becomes effective. Based on our reading of the New Catalogue, we have the following preliminary observations and comments: (i) By reducing foreign ownership percentage requirements in, and adding emerging industry sectors to, the encouraged category, and reducing industry sectors in the restricted category, the New Catalogue will further promote foreign investment in China s various manufacturing industries, particularly in the environmental protection, renewable energy and high technology sectors, which is also a reflection of China s growing confidence in the strength of Chinese domestic manufacturing Weil, Gotshal & Manges LLP weil.com 2
3 companies and China s efforts to become a global manufacturing power house. Having said that, with respect to manufacturing industries, the New Catalogue still contains foreign ownership restrictions even in the encouraged category. For instance, foreign investment in the R&D and manufacturing of automotive electronic bus network technologies and electronic controllers for electric power steering systems is limited to Sino-foreign joint venture, whereas there is no such restriction in the R&D and manufacturing of certain other similar automotive parts and systems in the New Catalogue. It is worth noting that this restriction was not contained in the draft of the New Catalogue that was published by the NDRC for public comment in November (ii) With respect to foreign investment in China s service sectors, while the removal of e-commerce from the restricted category is a welcome development for foreign investors, the progress that the New Catalogue has made in further opening up China s service sectors is relatively small because most of the relaxing changes that the New Catalogue will make are unrelated to the service sectors. In certain cases, it appears that the New Catalogue has added additional service sectors to the restricted category. An example in this regard is the medical institution sector. The New Catalogue will move foreign investment in medical institutions from the permitted category to the restricted category and limit the form of investment to Sino-foreign joint venture. While the current Chinese laws and regulations generally require foreign investment in medical institutions to be in the form of Sino-foreign joint venture, a regulation jointly-issued by the National Health and Family Planning Commission and MOFCOM in July 2014 permits foreign investors to establish and operate wholly foreign-owned hospitals in Beijing, Tianjin, Shanghai and another four provinces as a pilot program. In fact, the 2014 regulation was issued to implement one of the principles set forth in the State Council s Certain Opinions on Further Promoting the Development of Healthcare Services Sectors issued by the State Council in September 2013, which is to further relax requirements for Sino-foreign medical institutions and gradually expanding the pilot program of permitting the establishment and operation of wholly foreignowned medical institutions. Therefore, it seems that the New Catalogue s addition of medical institution to the restricted category (with form of investment limited to Sino-foreign joint venture) has sent a mixed message with respect to the treatment of foreign investment in medication institutions. In addition, as there is no geographic exception in the New Catalogue, it is unclear how this 2014 regulation will be reconciled with the New Catalogue. The education sector is another example. The New Catalogue will move foreign investment in higher education institutions and pre-school education institutions from the encouraged category and the permitted category respectively to the restricted category and will additionally require them to be led by Chinese parties. 1 (iii) With respect to regulatory transparency, the publication of the draft New Catalogue by the NDRC in November 2014 for public comments is another positive sign that the Chinese regulators, including the NDRC, have been making efforts to further improve regulatory transparency. But a comparison of the draft of the New Catalogue issued for public comment and the final version of the New Catalogue indicates that, in the final version of the New Catalogue, only approximately 21 substantive changes were made to the total number of approximately 420 entries of industry sectors in the draft of the New Catalogue. Among these changes, 8 are minor changes and 14 changes are newly-added restrictions on foreign Weil, Gotshal & Manges LLP 3
4 investment that had not been included in the original draft of the New Catalogue. Considering that there was a period of almost four months during which the public were invited to comment on the draft of the New Catalogue and that a relatively small number of substantive changes were incorporated into the final version of the New Catalogue, it is worth exploring how all stakeholders (particularly foreign investors) can be more actively and efficiently involved in the public comment process with the Chinese regulators with respect to new laws and regulations that the Chinese regulators will issue in the future. 1. We noted that the being led by Chinese parties requirement exists in the current Chinese law because the Regulation on the Sino-foreign Cooperative Education issued by the Ministry of Education in March 2003 requires that at least 1/2 of the members of the governing body of Sino-foreign cooperative education institutions be appointed by Chinese parties and the head of such education institutions be a Chinese citizen. But it s unclear why this particular restrictive requirement that is unrelated to foreign ownership percentage is added to the New Catalogue, whereas other existing restrictive requirements applicable to foreign investment in the education industry and other industries are not added. Weil, Gotshal & Manges LLP 4
5 Asia Alert is published by the Asia offices of Weil, Gotshal & Manges LLP, a global law firm with 20 offices located in the US, Europe and Asia. Weil s Asia practice advises Asian and international corporate and private equity clients on a wide range of cross-border transactions throughout Asia-Pacific. Our lawyers in the region advise on mergers and acquisitions, divestitures, joint ventures and strategic alliances, minority investments, restructurings, fund formation, international security offerings and other capital markets transactions, as well as general corporate matters. Regional Contacts: Hong Kong Akiko Mikumo (Asia Managing Partner and office head) Albert Cho John Fadely Peter Feist Henry Ong Soo-Jin Shim Beijing Steve Xiang (office head) Li Li Shanghai Steve Xiang (office head) Suat Eng Seah Anthony Wang 29/F Alexandra House 18 Chater Road Central, Hong Kong, PRC Tel: China World Office 2 1 Jianguomenwai Avenue Beijing , PRC Tel: /F Tower 2, Jing An Kerry Centre 1539 Nanjing Road (W) Shanghai , PRC Tel: All rights reserved. Quotation with attribution is permitted. This publication provides general information and should not be used or taken as legal advice for specific situations that depend on the evaluation of precise factual circumstances. The views expressed in these articles reflect those of the authors and not necessarily the views of Weil, Gotshal & Manges LLP. If you would like to add a colleague to our mailing list or if you need to change or remove your name from our mailing list, please log on to or subscriptions@weil.com. Weil, Gotshal & Manges LLP weil.com 3
China Law Update February 2007
China Law Update February 2007 table of contents In this issue of China Law Update, we summarize three important new laws that were enacted in late 2006 and took effect on January 1, 2007. Together, the
More informationOpportunities for Foreign Investment in the Distribution Sector
Opportunities for Foreign Investment in the Distribution Sector Contents Introduction 2 Foreign Investment Commercial Enterprise ( FICE ) 2 Conditions 2 Permitted Business Activities 3 Franchising 3 Range
More informationChina Law Update December 2006
China Law Update December 2006 table of contents In this issue of China Law Update, we summarize a variety of new banking laws and regulations that were enacted in late 2006. 3 Revised PRC Banking Supervision
More informationAccess to the PRC Market under CEPA By Deming Zhao
Client ALERT July 2003 Access to the PRC Market under CEPA By Deming Zhao I. Introduction The Closer Economic Partnership Arrangement ( CEPA ) was signed on 29 June 2003 between the Central Government
More informationAntitrust & Competition
Antitrust & Competition Mayer Brown JSM s multi-disciplinary Antitrust & Competition team offers a seamless, coordinated service throughout the Asia Pacific region, and has the benefit of extensive regional
More informationRecent Developments in the Regulation of RMB Funds
Financial Services Regulatory & Enforcement Update 10 November 2009 Recent Developments in the Regulation of RMB Funds Introduction RMB Funds, investment funds whose capital commitments and contributions
More informationClient Alert July 2018
Mergers & Acquisitions China Client Alert July 2018 For further information, please contact: Beijing Zhi Bao +86 10 6505 4627 baozhi@fenxunlaw.com Stanley Jia +86 10 6535 9393 stanley.jia@bakermckenzie.com
More informationPRC STATE COUNCIL ISSUES GUIDELINES ON OVERSEAS INVESTMENTS
ON OVERSEAS INVESTMENTS On 18 August 2017, 's State Council, together with other regulatory bodies, issued guidelines on regulating overseas investments. The guidelines form part of a much tightened regulatory
More informationMaking and Maintaining Successful Energy Sector Investments in China
Making and Maintaining Successful Energy Sector Investments in China Atlanta Beijing Brussels Chicago Cleveland Columbus Dallas Frankfurt Hong Kong Houston Irvine London Los Angeles Madrid Menlo Park Milan
More informationArthur X. DONG. Partner, AnJie Law Firm. CONTACT INFORMATION Direct: Fax:
26 F, Tower D, Central International Trade Center A6 Jianguomenwai Avenue, Chaoyang District Beijing, 100022, P. R. China Tel : (86 10) 8567 5988 Fax: (86 10) 8567 5999 http://www.anjielaw.com Arthur X.
More informationNew Regulations For PRC Holding Companies Summary and Preliminary Analysis
New Regulations For PRC Holding Companies Summary and Preliminary Analysis With effect from April 7, 2003, the former Ministry of Foreign Trade and Economic Cooperation ("MOFTEC") 1 of the People's Republic
More informationArbitration in the PRC A Real Alternative or Not?
Arbitration in the PRC A Real Alternative or Not? (Thomas Weimann, Düsseldorf) July 2 nd, 2013 5 Contents 1. Main Characteristics of Arbitration Legislation in the PRC 2. Main Arbitration Institutions
More informationA Practical Approach for M&A in China after Global Financial Crisis
A Practical Approach for M&A in China after Global Financial Crisis Audrey Chen Email: chenzr@junhe.com Tel: 8610-85191337 Beijing, China American Bar Association Section of Business Law Spring Meeting
More informationMergers and Acquisitions by Foreign Entities in China By Kelly Wang and Matthew Murphy MMLC Group Beijing 25 August 2010
Mergers and Acquisitions by Foreign Entities in China By Kelly Wang and Matthew Murphy MMLC Group Beijing 25 August 2010 Since China's adoption of the Open Door policy and entry into the World Trade Organization
More informationREGULATORY OVERVIEW FOREIGN INVESTMENT
Our Company principally engages in the manufacture and sale of optical fibre cable products through our PRC operating subsidiaries namely, Nanfang Communication and Yingke. This section sets out a summary
More informationChina Law Update February 2008
China Law Update February 2008 In this second issue of China Law Update for the year 2008, we summarize six new laws and regulations that were issued by various branches of the Chinese government in December
More informationIDENTIFYING AND ADDRESSING OBSTACLES TO OUTBOUND INVESTMENT IN PRACTICE
PRC Law Newsflash 21 April 2011 - TransAsia Lawyers Page 1 of 7 PRC Law Newsflash 21 April 2011 I. Introduction IDENTIFYING AND ADDRESSING OBSTACLES TO OUTBOUND INVESTMENT IN PRACTICE In the last 3 years,
More informationPaul Hastings Newsletter for Investing & Operating in the People s Republic of China
CHINA MATTERS Paul Hastings Newsletter for Investing & Operating in the People s Republic of China August 2008 China s New Merger Notification Rules: What Does This Mean to International Investors? The
More informationChina announces detailed rule on withholding tax deferral treatment on direct reinvestment made by foreign investors
Issue No.CTIN2018001 China announces detailed rule on withholding tax deferral treatment on direct reinvestment made by foreign investors 2 January 2018 Our observations The WHT deferral treatment introduced
More informationDecision to Amend the Interim Administrative Measures for the Recordfiling of the Incorporation and Change of Foreign Invested Enterprises
MUFG: Bank (China) Regulation Newsletter Decision to Amend the Interim Administrative Measures for the Recordfiling of the Incorporation and Change of Foreign Invested Enterprises Order No. 2 of 2017 by
More informationGuide to Establishing a Subsidiary in China
Guide to Establishing a Subsidiary in China by jie chen As China s strength in the global economy continues to grow, businesses need to consider the prospect of establishing operations within its borders.
More informationCorporate Commercial Newsletter
Corporate Commercial Newsletter China Trade & Investment 6 September 2018 What s inside? Foreign-invested payment institutions entering into China 1 The new era of social insurance contribution collection
More informationThe time of residence in China shall be taken as the criterion for determining if an
TABLE OF CONTENTS 1. China Updates Discussion Draft of the Amendment to Individual Income Tax Law Discussion Draft of the Amendment to Individual Income Tax Law Consolidation of State and Local Tax Authorities
More informationINVESTING IN CHINA - NEW CHALLENGES, PROBLEMS AND ISSUES - (Written by Mary Zhu under the editorial supervision of Adriana Morrison)
INVESTING IN CHINA - NEW CHALLENGES, PROBLEMS AND ISSUES - (Written by Mary Zhu under the editorial supervision of Adriana Morrison) REGULATORY REGIME FOR FOREIGN INVESTMENT Economic Overview Foreign Direct
More information16 September, Handelsbanken. Helping your business succeed in Greater China. 14 th September
16 September, 2015 Handelsbanken Helping your business succeed in Greater China 14 th September Company Establishment in China 2 Incorporating in China 3 The process of establishing can be bureaucratic
More informationon 31 st March this year and was brought to your Circular Gongshangwaiqizi [2011] Nos. 26, 27 and 28 which detail the revised documentation for RO
TABLE OF CONTENT 1 China Updates Release of a series of new regulations regarding Representative Office ( RO ) Central Bank s promotion of RMB cross-border settlement Enactment of the Vehicle & Vessel
More informationMarket Access Widens for Foreign Investors in China
Market Access Widens for Foreign Investors in China Summary On June 28 2018, the National Development and Reform Commission (NDRC) and Ministry of Commerce (MOFCOM) jointly announced the release of Special
More informationProvisions on the Administration of Foreign-Invested Telecommunications Enterprises (the "FITE Provisions") - Summary and Preliminary Analysis -
PWRW&G 12/21/01 Provisions on the Administration of Foreign-Invested Telecommunications Enterprises (the "FITE Provisions") - Summary and Preliminary Analysis - The FITE Provisions were promulgated by
More informationThe Asia-Pacific Antitrust Review
GlobaL Competition Review The international journal of competition policy and regulation The Asia-Pacific Antitrust Review A Global Competition Review special report published in association with: 2008
More informationBOOK REVIEW. Lucille A. Barale
BOOK REVIEW FOREIGN INVESTMENT LAW IN CHINA: REGULATION, PRACTICE AND CONTEXT. BY TARRANT MAHONY [BEIJING: TSINGHUA UNIVERSITY PRESS 2015, 504 PP, ISBN 978-7-302-39589-8, PAPERBACK] Lucille A. Barale Professor
More informationAlert Memo BRUSSELS AND HONG KONG FEBRUARY 18, China s State Council Issues Notice on National Security Review of Foreign Acquisitions
Alert Memo BRUSSELS AND HONG KONG FEBRUARY 18, 2011 China s State Council Issues Notice on National Security Review of Foreign Acquisitions On March 5, 2011, a new national security regime regulating foreign
More informationApproval and regulatory requirements for Chinese foreign direct investment
Corporate May 2014 Update Approval and regulatory requirements for Chinese foreign direct investment 1. Introduction The Chinese Government has been providing incentives for Chinese enterprises to invest
More information3.1.1 The flight area of civil airports, including the runway, the taxiway, the communication way, the parking apron and the flight aid lights.
Statute No. 110 Issued by The Civil Aviation Administration of China The Ministry of Foreign Trade and Economic Cooperation, PRC & The National Development and Planning Commission, PRC The Regulations
More informationSummary of the SEC s Newly Adopted Amendments
September 2, 2008 The SEC Adopts Amendments to Foreign Private Issuer Registration and Disclosure Requirements, Including Those Relating to Cross-Border Mergers, Tender and Exchange Offers and Rights Offerings
More informationCommunique of the China Insurance Regulatory Commission "CIRC"
PWRW&G Translation August 12, 2003 Communique of the China Insurance Regulatory Commission "CIRC" Concerning the Solicitation of Opinions on the Trial Implementing Rules on the Regulations of the People's
More informationNew Circular to Relax the Filing Process
New Circular to Relax the Filing Process for Foreign-Invested Real Estate Enterprises 31st July 2014 SPEED READ In June 2014, the Ministry of Commerce ( MOFCOM ) and the State Administration of Foreign
More informationRecent Developments in the Regulation of RMB Funds
Financial Services Regulatory & Enforcement Client Update 10 November 2009 Recent Developments in the Regulation of RMB Funds Introduction RMB Funds, investment funds whose capital commitments and contributions
More informationPRC LAWS, RULES AND REGULATIONS
Our business operations are subject to extensive supervision and regulation by the PRC government. This section sets out an introduction to a summary of the main laws, rules, regulations and policies to
More informationLegal Digest An online repository of various articles published by our lawyers
An online repository of various articles published by our lawyers PRC Companies Going Public Legal And Due Diligence Issues Chia Kim Huat 1 Rajah & Tann 4 Battery Road #26-01 Bank of China Building Singapore
More informationCONNECTED TRANSACTIONS ESTABLISHMENT OF JOINT VENTURES
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationNew Ways to Use Your Offshore RMB: MOFCOM and PBoC Join Hands to Put Finishing Touches on RMB FDI Rules
3 Legal Update Banking & Finance Mergers & Acquisitions Real Estate Hong Kong, Mainland China 24 October 2011 New Ways to Use Your Offshore RMB: MOFCOM and PBoC Join Hands to Put Finishing Touches on RMB
More informationAn update on China s control over outbound investments and remittance
An update on China s control over outbound investments and remittance November 2017 SPEEDREAD On August 18, 2017, the State Council of China issued a notice forwarding the Guiding Opinions on Further Guiding
More informationPRC Data Privacy Laws in a Nutshell
PRC Data Privacy Laws in a Nutshell New developments in personal data protection regulations reflect a growing trend in China, in which maintaining the privacy of personal data and effecting reasonable
More information60 TH UIA CONGRESS BUDAPEST/HUNGARY - OCTOBER 28 - NOVEMBER 1, 2016
60 TH UIA CONGRESS BUDAPEST/HUNGARY - OCTOBER 28 - NOVEMBER 1, 2016 ARBITRATION COMMISSION: Hong Kong Bar Association/Shanghai Bar Association: FOREIGN INVESTMENT DISPUTE RESOLUTION BETWEEN CHINESE AND
More informationFROM VIE TO SAFE: TECH INVESTMENTS INTO AND FROM CHINA
TECHNOLOGY MAY-RATHON FROM VIE TO SAFE: TECH INVESTMENTS INTO AND FROM CHINA Maurice Hoo May 2, 2017 2017 Morgan, Lewis & Bockius LLP AGENDA Investments in Chinese companies general Investments in Chinese
More informationCHINA (SHANGHAI) PILOT FREE TRADE ZONE -A Role Model for China?-
CHINA (SHANGHAI) PILOT FREE TRADE ZONE -A Role Model for China?- RA Rainer Burkardt Austria Connect Greater China 2014 RA Rainer Burkardt Shanghai, October 24 th, 2014 Who we are WHO WE ARE We are and
More informationEY Corporate Law Alert
EY Corporate Law Alert Overview Chinese legislators hope to formulate a fundamental new law on foreign investment that complies with the economic development and realities of China. The new law adapts
More informationChina -- Venture Capital Investment Fund Rules Effective March 1, 2003
April 24, 2003 China -- Venture Capital Investment Fund Rules Effective March 1, 2003 On January 30, 2003, China's Ministry of Foreign Trade and Economic Cooperation ("MOFTEC"), Ministry of Science and
More informationEmergence of RMB as an International Currency
Emergence of RMB as an International Currency Cindy Lo, Partner Allen & Overy, Beijing Office March 2013 1 Agenda An Overview: the Chinese Government s policy objectives and key regulatory developments
More informationNDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China
1 Briefing note September 2015 NDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China Recent legal updates from China demonstrate a shift in the government's
More informationChina Establishes its Security Review Mechanisms for Inbound M&A Transactions
June 2011 China Establishes its Security Review Mechanisms for Inbound M&A Transactions BY DAVID LIVDAHL & JENNY SHENG On February 3, 2011, the PRC State Council (the State Council ) promulgated the long
More informationManufacturing and Distribution in China at a Time of Change
Manufacturing and Distribution in China at a Time of Change Kansas City, MO February 29, 2016 Positioning for Change in China William Soileau Legal Director Pinsent Masons LLP THE BASIC SITUATION 2016
More informationANTI-MONOPOLY REVIEW - JOINT VENTURES IN CONCENTRATION. Jiang Yongliang Anti-Monopoly Bureau of the Ministry of Commerce October 16, 2017
ANTI-MONOPOLY REVIEW - JOINT VENTURES IN CONCENTRATION Jiang Yongliang Anti-Monopoly Bureau of the Ministry of Commerce October 16, 2017 2 Overview I. Which Kinds of Joint Venture Need to Notify II. Procedural
More informationExploring new opportunities in China
Feb. 2, 2012 Awarding CPE To receive CPE credit One person per computer Must stay connected for at least 50 minutes and answer each of the four (4) polling questions NASBA requires that we monitor your
More informationChina (Shanghai) Pilot Free Trade Zone
China (Shanghai) Pilot Free Trade Zone A New Era of Opening up and Reform in China www.pwccn.com What is the China (Shanghai) Pilot Free Trade Zone? On 29 September, 2013, the Chinese government formally
More informationDEFINITIONS. In this document, unless the context otherwise requires, the following expressions shall have the following meanings.
In this document, unless the context otherwise requires, the following expressions shall have the following meanings. A Share(s) domestic shares in the issued share capital of our Company, with a nominal
More informationThe State Council released Guofa [2016] No. 32 ( Circular 32 ) on Companies
TABLE OF CONTENTS 1. China Updates China Government Further Relaxes Trade Services and Investments by Hong Kong and Macao Service Providers New Regulations on China (Guangdong) Pilot Free Trade Zone (FTZ)
More informationchina Title Title Title Title Title Chinese merger control Scope of regulatory coverage Substantive standard
Chinese Title Title Title merger Title Title control Peter Author J Author Wang Jones Firm Firm DayFirm Firm China s fledgling merger control regime has become increasingly important to multinational companies
More informationChina: A summary of Implementing GATS Commitments in Main Service Sectors
China: A summary of Implementing GATS Commitments in Main Service Sectors Sectors Commitments Progresses in implementation Banking Location: Upon accession, foreign currency business allowed Foreign currency
More informationThe amended PRC Foreign Trade Law
China Practice Newsletter AUGUST 24, 2004 Legal Developments: Trading and Distribution Rights for Foreign-Invested Enterprises The amended PRC Foreign Trade Law (the Law, Standing Committee of the People
More informationDoing Business in China
www.lw.com Doing Business in China October 2010 Latham & Watkins, as a foreign firm, is not qualified to advise on the laws of the PRC. Accordingly, the contents of this guide, which is based on our reading
More informationOpportunities for Engagement
Nanjing University China s 12 th FYP: Transformation and Upgrade Opportunities for Engagement September, 2010 Prof. Li Xindan School of management and engineering Agenda Navigating risk in a land of opportunity
More informationCLIENT PUBLICATION. China s New Anti-Monopoly Law Comes into Effect M&A Deals Subject to New Filing Thresholds
SHEARMAN & STERLING LLP CLIENT PUBLICATION Mergers & Acquisitions 2008 China s New Anti-Monopoly Law Comes into Effect M&A Deals Subject to New Filing Thresholds On August 1, 2008, the new Anti-Monopoly
More informationLatham & Watkins Greater China Practice
Number 386 August 2003 Client Alert Latham & Watkins Greater China Practice Joint ventures are the most popular form of foreign direct investment in the PRC, not only because they were the first business
More informationDoing Business in China. Tuesday, May 3, :00 PM - 5:15 PM
Doing Business in China Tuesday, May 3, 2011 4:00 PM - 5:15 PM The world s second-largest economy China at a glance, 2010 GDP Nominal PPP Growth rate Per capita US$5.745 US$9.872 Value 10.3% US$7,400 trillion
More informationChina s Regulation of the Telecommunications Market
2009 U.S./China Legal Exchange China s Draft Telecommunications Law Monday, October 12, 2009; 4:00 pm PST China s Regulation of the Telecommunications Market Presented by: Allan Marson Partner China Practice
More informationClient Alert June 2017
Financial Services Hong Kong Client Alert June 2017 For further information, please contact: Karen Man +852 2846 1004 karen.man@bakermckenzie.com Samantha Lai +852 2846 2412 samantha.lai@bakermckenzie.com
More informationTaking Advantage of ICBC Clearing Bank s Strength to Advance the Development of Trade & Commerce between Singapore and Shaanxi. April 2015 Singapore
Taking Advantage of ICBC Clearing Bank s Strength to Advance the Development of Trade & Commerce between Singapore and Shaanxi April 2015 Singapore I II III Introduction of ICBC and ICBC Singapore Branch
More informationStructuring Investment into China
Structuring Investment into China Lili Zheng, International Tax Partner Deloitte & Touche LLP March 2, 2003 1 Agenda Post-WTO Investing in China A Common Myth About Investments in China Structuring Your
More informationRafic H. Barrage. Partner, Washington DC
PRC Tax Update July 12, 2011 Julie Zhang Partner, Beijing +86 10 6599 9299 julie.zhang@mayerbrownjsm.com Rafic H. Barrage Partner, Washington DC +1 202 263 3321 rhbarrage@mayerbrown.com Astrid Pieron Partner,
More informationVAT PILOT REFORM IN CHINA
VAT PILOT REFORM IN CHINA Presentation by Peter Law Tuesday 9 th October 2012 1 OUTLINE 1. Introduction to the VAT pilot reform in Guangdong 2. Key considerations 3. Case study 4. Q&A 2 Date 01 Introduction
More informationReforms on Foreign Investment Facilitation in China
Reforms on Foreign Investment Facilitation in China Main topics --Background on deepening reforms and opening-up to FDI --Deepening administrative reform --All-round construction of FTZs --FIEs record-filing
More informationForeign Acquisitions and Joint Ventures in China
Foreign Acquisitions and Joint Ventures in China Li Jiao and Bart Kasteleijn HIL International Lawyers & Advisers Amsterdam/ Shanghai Introduction Since the introduction of the economic reform and opening-up
More informationDoing Business in China: Some Key Differences. Carl B. Cheng October 27, 2017
Doing Business in China: Some Key Differences Carl B. Cheng October 27, 2017 1 Doing Business in China: Some Key Differences Legal Developments Relevant to Austrian Companies Question and Answer Session
More informationCURRENT SITUATION OF MONGOLIA-CHINA TRADE AND ECONOMIC COOPERATION AND FURTHER TRENDS
CURRENT SITUATION OF MONGOLIA-CHINA TRADE AND ECONOMIC COOPERATION AND FURTHER TRENDS By Mr. J. SHISHMISHIG, Representative of the Ministry of Foreign Affairs and Trade of Mongolia Joint Dissemination
More informationM&A in China: What is different compared to Europe?
M&A in China: What is different compared to Europe? By Jonathan Selvadoray On the occasion of a seminar organised jointly by ACC and CMS in Geneva, on June 25th 2008 Agenda CMS M&A in China: background
More informationMergers and Acquisitions in China
Mergers and Acquisitions in China March 2004 Hong Kong Shanghai Beijing Yangon www.charltonslaw.com Good afternoon Ladies and Gentleman 2/3 I. Introduction China's accession to the World Trade Organisation
More informationQian Zhan. East China Normal University
Qian Zhan East China Normal University August 6, 2014 qzhan@law.ecnu.edu.cn 1 Introduc)on China s Accession to WTO: Dec 2001 Ø Significant event: Chinese + Foreign Investors Ø Expected Result: Trade Liberalization
More informationTuesday, April 29, :30 AM - 7:45 AM Investing in China Workshop
Tuesday, April 29, 2008 6:30 AM - 7:45 AM Investing in China Workshop Speakers: Jim Lavelle, Managing Director and Group Head of Industrial and Environmental Technologies, Houlihan Lokey Mitchell Nussbaum,
More informationOCBC BANK SIGNS PARTNERSHIP AGREEMENTS WITH BANK OF SHANGHAI AND SIIC TRADE GROUP
MEDIA RELEASE Media Release Includes suggested Tweets, Facebook posts, keywords and official hashtags OCBC BANK SIGNS PARTNERSHIP AGREEMENTS WITH BANK OF SHANGHAI AND SIIC TRADE GROUP The alliances build
More informationChina Initiates Value Added Tax (VAT) Reform in Shanghai 11/16/2011. A. VAT- taxable services and VAT rates
February 2012 / Issue No. 19 of Series ALBANY AMSTERDAM ATLANTA AUSTIN BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LONDON* LOS ANGELES MIAMI MEXICO CITY+ NEW JERSEY NEW YORK
More informationDOING BUSINESS IN THE PEOPLE'S REPUBLIC OF CHINA (PRC)
DOING BUSINESS IN THE PEOPLE'S REPUBLIC OF CHINA (PRC) INTRODUCTION This guide is designed to give an insight into doing business in the People's Republic of China together with the relevant background
More informationGINKGO TREE ADVISORS FOCUS Q1 / 2015
GINKGO TREE ADVISORS FOCUS Q1 / 2015 OPPORTUNITIES IN SINO - FOREIGN JOINT VENTURES GINKGO TREE ADVISORS FOCUS is a publication of knowledge and perspective-sharing articles by GINKGO TREE ADVISORS. Topics
More informationCEPA: Cross-boundary Business Opportunities. Edward Leung Chief Economist, HKTDC 18 September 2009
CEPA: Cross-boundary Business Opportunities Edward Leung Chief Economist, HKTDC 18 September 2009 4 Major Concerns on CEPA: - What are the main provisions of CEPA? - Who qualifies? - What are the benefits
More informationChina Finalises Rules on Cross-Border Transfer
20 May 2017 China Finalises Rules on Cross-Border Transfer of Personal Information and Important Data Important Clarifications Included; Basic Structure Unaffected Contents Measures on the Security Assessment
More informationTRINA SOLAR LIMITED (Name of the Issuer)
Use these links to rapidly review the document TABLE OF CONTENTS Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13E-3 AMENDMENT NO. 3 RULE 13e-3 TRANSACTION
More informationCAYMAN LISTED COMPANIES
CAYMAN LISTED COMPANIES Cayman is a leading offshore financial centre, and has earned a reputation as a world class centre of commerce, supported by its large banking sector and high concentration of top
More informationBusiness Models in China
China offers a set of business models quite similar to those of more developed nations. Differences apply not to the business models themselves, but to the specific regulatory and contextual environment
More informationFor the record: China's foreign investment regime enters a new phase
For the record: China's foreign investment regime enters a new phase September 2016 2 Hogan Lovells For the record: China's foreign investment regime enters a new phase Overview and background On 3 September
More informationBroker-Dealer Alert. Recent SEC Broker-Dealer Cross-Border Initiatives Time to Reassess Your Rule 15a-6 Arrangements and Procedures? I.
July 2008 Authors: Edward G. Eisert edward.eisert@klgates.com 212.536.3905 Michael J. King michael.king@klgates.com 202.778.9214 C. Dirk Peterson dirk.peterson@klgates.com 202.778.9324 K&L Gates comprises
More informationChina Tax Update Beijing/Hong Kong/Shanghai
China Tax Update Beijing/Hong Kong/Shanghai 2018 June/July issue China Tax Update is a publication of Baker & McKenzie s China Tax Group. For further information, please contact: Beijing Jinghua Liu (Tax
More informationLISTING RULES GUIDANCE NOTE 8
LISTING RULES GUIDANCE NOTE 8 Sydney Stock Exchange Limited ACN 080 399 220 Email: info@ssx.sydney www.ssx.sydney 259 George Street, Sydney NSW 2000 Tel: (61-2) 9217 2723 Fax: (61-2) 9215 2833 Australian
More informationShui On Development (Singapore) Pte. Ltd. (incorporated in Singapore with limited liability)
SUPPLEMENTAL OFFERING MEMORANDUM Shui On Development (Singapore) Pte. Ltd. (incorporated in Singapore with limited liability) S$250,000,000 8% Senior Notes due 2015 guaranteed by Shui On Land Limited and
More informationSally Harpole 何蓉. International arbitrator, mediator and attorney with over 40 years of experience in Asia.
Sally Harpole 何蓉 International arbitrator, mediator and attorney with over 40 years of experience in Asia. Introduction Sally Harpole is a full-time independent arbitrator and mediator for complex international
More informationEnhanced Antitrust Enforcement Expected in China as Long-awaited Anti-Monopoly Implementing Rules Finalised
3 Legal Update Antitrust & Competition Hong Kong Mainland China 14 January 2011 Enhanced Antitrust Enforcement Expected in China as Long-awaited Anti-Monopoly Implementing Rules Finalised China looks set
More informationASIFMA and SIFMA believe that the high-level concerns of financial services firms, including their own members, with the Draft Measures include:
6 April 2018 Institutional Department China Securities Regulatory Commission Fukai Building 19 Jinrong Avenue, Xicheng District Beijing, China 100033 On behalf of its members, the Asia Securities Industry
More informationCHINA RELEASES LONG AWAITED TRANSFER PRICING IMPLEMENTING MEASURES
CHINA RELEASES LONG AWAITED TRANSFER PRICING IMPLEMENTING MEASURES JANUARY 2009 On 8 January 2009, the China State Administration of Taxation ("SAT") formally released the long awaited Special Tax Adjustment
More informationTax Alert. China Issues New Tax Rules on Corporate Restructurings. I. Overview
June 2009 Authors: Clifford Ng clifford.ng@klgates.com + 852. 2230.3558 Shuang Peng shuang.peng@klgates.com + 852.2230.3590 K&L Gates is a global law firm with lawyers in 33 offices located in North America,
More informationSTRATEGIC INVESTORS STRATEGIC INVESTMENT. Share Subscription The table below sets out the basic information of the strategic investments.
SUMMARY We entered into Share Subscription Agreements with each of the Strategic Shareholders in June 2014 and the closing of the transactions contemplate there under were completed in August 2014, and
More informationTAXATION AND FOREIGN EXCHANGE
TAXATION OF SECURITIES HOLDERS The following is a summary of certain PRC and Hong Kong tax consequences of the ownership of H Shares by an investor that purchases such H Shares in connection with the Global
More information